LAFAYETTE, La.– PetroQuest Energy Inc. (NYSE:PQ) has priced an offering at par of $150 million aggregate principal amount of Senior Notes due 2017, which will bear interest at a rate of 10% per annum.
Net proceeds are expected to fund its pending tender offer and consent solicitation for its existing 10 3/8% Senior Notes due 2012 and its expected redemption of any 2012 Notes not purchased in the tender offer. The company expects to close the sale of the Senior Notes on August 19, 2010.
JP Morgan Securities Inc. is acting as book-running manager for the Senior Notes offering.
PetroQuest is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in East Texas, Arkoma Basin, South Louisiana and the shallow waters of the Gulf of Mexico.
2Q10 financials
On August 5, the company presented its 2Q10 financials. The company reported net income available to common stockholders for the quarter of $5,248,000 or $0.08 per share, compared to second quarter 2009 net income available to common stockholders of $7,746,000, or $0.15 per share. For the first six months of 2010, the Company reported net income available to common stockholders of $34,965,000, or $0.56 per share, compared to net loss available to common stockholders of $59,211,000, or $1.20 per share, for the comparable 2009 period.
Discretionary cash flow for the second quarter of 2010 was $25,367,000, as compared to $37,788,000 for the comparable 2009 period. For the first six months of 2010, discretionary cash flow was $66,131,000, compared to discretionary cash flow of $76,256,000 for the first six months of 2009.
Production for the second quarter of 2010 was 7.3 bcfe, compared to 8.6 bcfe for the comparable period of 2009.
Source: PetroQuest Energy